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PHYSICAL SCIENCE: The scientific study of nonhuman, nonsociety phenomenon, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomenon go by the names physics, chemistry, biology, geology, and astronomy, among others. The primary reason for this entry is to provide a contrast with social sciences, especially economics, that study human behavior and society.
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TERMS OF TRADE The rate at which goods are traded, either between individuals or between nations. It is the quantity of one good exchanged per unit of another good. The terms of trade is essentially the price. But the price is stated in terms of the quantity of another good. Like any market price, the terms of trade is based on what the buyers are willing to pay and what the sellers are willing to accept. The terms of trade between any two countries is based on the relative opportunity cost in each country.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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BEA
Bureau of Economic Analisys
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